American Voices: Public Policy Priorities for Retirement Security

In recent decades, the retirement landscape has been shifting. Social Security is under financial strain due to population aging, increases in life expectancies, and declining birthrates. Traditional employer-funded defined benefit pension plans have been supplanted by employee-funded defined contribution plans, such as 401(k) and similar plans, often with employer contributions. As a result, Americans are now expected to self-fund a greater portion of their retirement income compared with prior generations. However, many are not fully equipped to take on this added responsibility – and they need help from policymakers.

How does the American public envision policymakers stepping in to fortify the future of retirement security? What issues do different demographic groups want to emphasize? Where do vulnerable groups see gaps in retirement security that public policy could address?

American Voices: Public Policy Priorities for Retirement Security, a collaboration between nonprofit Transamerica Center for Retirement Studies (TCRS) and Transamerica Institute, examines Americans’ top priorities for the President and Congress to help people have a financially secure retirement. This short report provides a snapshot of their priorities with demographic comparisons by generation, employment status, race and ethnicity, gender, household income, urbanicity, military status, and LGBTQ+ status.

This report is based on findings from the 24th Annual Transamerica Retirement Survey of more than 10,000+ U.S. residents conducted in late 2023.

Additional perspectives on priorities for the President and Congress can be found in Transamerica Institute’s recent reports on The Retirement Outlook of the American Middle Class, The Multigenerational Workforce: Life, Work, and Retirement, and Workplace Transformations: Employer Business Practices and Benefit Offerings.